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LXP(LXP) - 2024 Q4 - Annual Results
LXPLXP(LXP)2025-02-13 19:00

Financial Performance - Recorded net income attributable to common shareholders of 31.4million,or31.4 million, or 0.11 per diluted common share for Q4 2024, compared to 13.0million,or13.0 million, or 0.04 per diluted common share in Q4 2023[8]. - Total gross revenues for Q4 2024 were 100.9million,comparedto100.9 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,asignificantincreaseof142.531,389,000, 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,comparedto0.11, 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,comparedto358,458,000, 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 XXmillion,representingaYYXX 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 51,217millioninQ42023,reflectinganincreaseof20.451,217 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 51,352millioninQ42023,adecreaseof8.351,352 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 44,417millioninQ42023,adecreaseof2.044,417 million in Q4 2023, a decrease of 2.0%[54]. Operational Highlights - Generated Adjusted Company Funds From Operations (FFO) of 47.0 million, or 0.16perdilutedcommonshareforQ42024,downfrom0.16 per diluted common share for Q4 2024, down from 51.4 million, or 0.17perdilutedcommonshareinQ42023[10].−IncreasedSame−StoreNetOperatingIncome(NOI)by5.00.17 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 81,894,000inQ42023[47].−LXP′sstabilizedportfolioisexpectedtomaintainanoccupancyrateofatleast9081,894,000 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 165.3millionin2024[9].−Thecompanyisfocusingonmarketexpansionthroughstrategicacquisitions,withplanstoinvest165.3 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 XXmillionforsecondgenerationcoststoenhanceexistingproperties,ensuringsustainedrevenuelevels[44].FinancialGuidanceandProjections−2025earningsguidanceestimatesnetincomeattributabletocommonshareholderstobewithinXX 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 0.05perdilutedcommonshareandAdjustedCompanyFFOtobewithin0.05 per diluted common share and Adjusted Company FFO to be within 0.61 to 0.65perdilutedcommonshare[25].−Thecompanyanticipatesachievingnetincomeattributabletocommonshareholdersof0.65 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 0.61and0.61 and 0.65[58]. Debt and Financial Position - LXP's total consolidated debt was 1.6billionatquarterend,withanetdebttoAdjustedEBITDAratioof5.9x[24].−TotalassetsasofDecember31,2024,were1.6 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 4,192,775,000in2023,indicatingadecreaseof8.34,192,775,000 in 2023, indicating a decrease of 8.3%[49]. - Total liabilities decreased to 1,722,529,000 in 2024 from 1,927,318,000in2023,areductionof10.61,927,318,000 in 2023, a reduction of 10.6%[49]. - Cash and cash equivalents decreased to 101,836,000 in 2024 from 199,247,000in2023,adeclineof48.9199,247,000 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)in2023,reflectingagrowingdeficit[49].ManagementandStrategicFocus−LXP′smanagementremainscommittedtomaintainingitsstatusasarealestateinvestmenttrust(REIT),withongoingevaluationsofdividenddeclarationsandfinancialstrategies[1].−Thecompanyisactivelymonitoringeconomicconditionsandpotentialrisks,includinginflationandsupplychaindisruptions,whichcouldimpactfutureperformance[1].−Thecompanyreportedimpairmentchargesof(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 1,369millioninQ42023[54].−PreferreddividendsforthetwelvemonthsendedDecember31,2024,remainedconstantat1,369 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].