LXP(LXP) - 2025 Q1 - Quarterly Report

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$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].