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LXP(LXP) - 2025 Q1 - Quarterly Results
LXPLXP(LXP)2025-05-01 16:39

Financial Performance - Total gross revenues for Q1 2025 were 88.9million,upfrom88.9 million, up from 86.3 million in Q1 2024, representing a growth of 3.0%[5] - Net income attributable to common shareholders was 17.3million,or17.3 million, or 0.06 per diluted share, compared to a net loss of (1.9)million,or(1.9) million, or (0.01) per diluted share in Q1 2024[7] - Adjusted Company Funds From Operations (FFO) for Q1 2025 were 46.4million,or46.4 million, or 0.16 per diluted share, compared to 48.8million,or48.8 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 0.12to0.12 to 0.16 per diluted share[18] - Net income attributable to common shareholders for Q1 2025 was 17,279,000,comparedtoalossof17,279,000, compared to a loss of 1,931,000 in Q1 2024, resulting in a basic and diluted earnings per share of 0.06[45]−Fundsfromoperations(FFO)availabletocommonshareholdersforQ12025was0.06[45] - Funds from operations (FFO) available to common shareholders for Q1 2025 was 44,363,000, down from 47,141,000inQ12024,withdilutedFFOpershareat47,141,000 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 35.0millionandanotherfor35.0 million and another for 39.6 million[6][12] - LXP reported a gain on the sale of real estate amounting to 24.635millioninQ12025[41]−Thecompanyreportedagainonthesaleofrealestateof24.635 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 70.935millionasofMarch31,2025,downfrom70.935 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 3.479billion,adecreasefrom3.479 billion, a decrease from 3.536 billion at the end of 2024[43] - Total liabilities decreased to 1.663billionasofMarch31,2025,from1.663 billion as of March 31, 2025, from 1.723 billion at the end of 2024[43] - The company repaid 50.0millionofits50.0 million of its 300.0 million term loan, with total consolidated debt at 1.5billion[17]ShareholderInformation−Theweighted−averagecommonsharesoutstandingincreasedto291.706millioninQ12025from291.288millioninQ12024[41]−Theweighted−averagenumberofcommonsharesoutstandingforbasicFFOwas291,706,064inQ12025,comparedto291,288,383inQ12024[47]−Thecompanyallocated1.5 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 0.61and0.61 and 0.65[49] - The company expects the impact of capital transactions to be (0.19)perdilutedcommonsharefortheyearendingDecember31,2025[49]DepreciationandAmortization−Depreciationandamortizationforrealestateincreasedto(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 46,208,000inQ12024[47]−Theallowanceforcreditlosswasreportedas46,208,000 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]