LXP(LXP)2025-02-13 18:58Debt and Interest Rates - As of December 31, 2024, the company's consolidated aggregate principal variable-rate indebtedness not subject to interest rate swaps was $46.6 million, representing 2.9% of total indebtedness[312]. - The weighted-average interest rate for variable-rate indebtedness was 7.2% for 2024, compared to 6.8% for 2023[312]. - The company's aggregate principal consolidated fixed-rate debt was $1.5 billion as of December 31, 2024, representing 97.1% of total indebtedness[312]. - If the weighted-average interest rate had been 100 basis points higher, interest expense would have increased by $1.2 million for 2024[312]. - The fair value of the company's fixed-rate debt was estimated at $1.4 billion as of December 31, 2024[313]. - The company had 11 interest rate swap agreements in place as of December 31, 2024, with expiration dates ranging from January 2025 to October 2027[314]. - The Company utilizes interest rate swap agreements to manage interest rate risk, with fair values recorded on the balance sheet[389]. - The total interest expense recorded in the consolidated statements of operations was $66,477 for 2024, compared to $46,389 for 2023[474]. Financial Performance - Total gross revenues for 2024 increased to $358.458 million, up 5.4% from $340.503 million in 2023[340]. - Rental revenue rose to $354.353 million in 2024, compared to $334.220 million in 2023, reflecting a growth of 6.0%[340]. - Net income attributable to common shareholders for 2024 was $37.922 million, a significant increase of 58.8% from $23.863 million in 2023[340]. - Comprehensive income attributable to LXP Industrial Trust shareholders for 2024 was $41.187 million, compared to $22.177 million in 2023, an increase of 85.7%[343]. - The company reported a depreciation and amortization expense of $192.863 million in 2024, up from $183.524 million in 2023[340]. - Basic earnings per share for 2024 was $0.13, compared to $0.08 in 2023[404]. - The Company recognized sales-type lease income of $22,027,000 in 2024, significantly higher than $7,427,000 in 2023, reflecting a growth of 196.5%[441]. Assets and Liabilities - Total assets decreased to $3.843 billion in 2024 from $4.193 billion in 2023, a decline of 8.3%[338]. - Total liabilities reduced to $1.723 billion in 2024, down from $1.927 billion in 2023, representing a decrease of 10.6%[338]. - The company's total shareholders' equity decreased to $2.098 billion in 2024 from $2.232 billion in 2023, a decline of 6.0%[338]. - The total assets of consolidated variable interest entities (VIEs) were $392,791 as of December 31, 2024, down from $626,442 in 2023, representing a decrease of approximately 37.3%[362]. - Total liabilities for consolidated VIEs decreased to $8,603 as of December 31, 2024, from $19,549 in 2023, a reduction of approximately 56.0%[362]. Shareholder Information - The company declared dividends of $0.525 per common share, totaling $164.084 million in 2024[346]. - The company declared dividends/distributions of $0.505 per common share, totaling $160,470,000 for 2023[351]. - Total dividends per share increased to $0.52 in 2024 from $0.50 in 2023 and $0.48 in 2022[506]. - The Company had 1,935,400 shares of Series C Preferred Stock outstanding as of December 31, 2024, with a dividend of $3.25 per share[483]. - The Company did not repurchase any common shares during 2024 and 2023, with 6,874,241 shares remaining available for repurchase under the authorization[482]. Real Estate and Investments - The company had ownership interests in approximately 119 consolidated real estate properties located in 17 states as of December 31, 2024[356]. - The Company capitalizes direct and indirect project costs associated with property construction until the property is stabilized, which is defined as 90% occupancy or one year from major construction cessation[380]. - The Company evaluates the carrying value of real estate assets for possible impairment when events indicate that the carrying value may not be recoverable[374]. - The Company recognized no impairment charges in 2024, while it recorded impairment charges of $16,490 and $3,037 in 2023 and 2022, respectively[418]. - The total cost of real estate investments in 2024 amounted to $4,583,512, compared to $4,488,862 in 2023, indicating an increase of about 2.1%[406]. Taxation - The provision for income taxes for 2024 was $127,000, compared to a negative provision of $(703,000) in 2023[504]. - The total income tax provision for 2024 is $127 million, a significant increase from a provision of $(703) million in 2023 and $(1,102) million in 2022[505]. - The federal provision at the statutory tax rate (21%) for 2024 is $77 million, compared to $71 million in 2023 and $18 million in 2022[505]. - The estimated net operating loss carry forward for income tax reporting purposes is $789 million for 2024, up from $423 million in 2023[506]. Cash Flow and Capital Expenditures - Cash provided by operating activities for 2023 was $211,187,000, slightly up from $209,446,000 in 2022[353]. - The company reported a net cash used in investing activities of $86,403,000 in 2023, compared to a net cash used of $183,451,000 in 2022[353]. - The company made capital expenditures of $17,782,000 in 2023, consistent with $17,937,000 in 2022[353]. - The Company incurred $5,947 related to infrastructure development costs at the Reems & Olive project, recorded in investments in real estate under construction[414]. Miscellaneous - The Company operates in one segment focused on single-tenant real estate assets[399]. - As of December 31, 2024, the Company was not aware of any environmental matters that would materially impact the consolidated financial statements[398]. - The Company has made an election to qualify as a REIT for federal income tax purposes, generally avoiding federal income tax[392]. - The Company adopted ASC 326 on January 1, 2020, which requires measuring and recording current expected credit losses for investments[385].