LXP Industrial Trust Reports Fourth Quarter 2024 Results

Core Insights - LXP Industrial Trust reported strong financial performance for the fourth quarter and full year of 2024, driven by significant leasing activity and same-store growth [4][6][22]. Financial Performance - For Q4 2024, total gross revenues reached $100.9 million, up from$83.0 million in Q4 2023, primarily due to increased rental revenue and acquisitions [6]. - Net income attributable to common shareholders for Q4 2024 was $31.4 million, or$0.11 per diluted share, compared to $13.0 million, or$0.04 per diluted share in Q4 2023 [7]. - Adjusted Company Funds From Operations (FFO) for Q4 2024 was $47.0 million, or$0.16 per diluted share, down from $51.4 million, or$0.17 per diluted share in Q4 2023 [8]. Leasing Activity - LXP completed 4.5 million square feet of leasing throughout 2024, with Base and Cash Base rents increasing by approximately 46% and 40%, respectively [4][21]. - The stabilized portfolio was 93.6% leased as of December 31, 2024, reflecting strong demand in the market [21]. Acquisitions and Developments - The company acquired four Class A properties for a total cost of $157.6 million and completed a 625,238 square foot build-to-suit facility in South Carolina [4][11][12]. - Total acquisition and build-to-suit activity for 2024 amounted to approximately$232.0 million [13]. Balance Sheet and Debt Management - LXP ended 2024 with a net debt to Adjusted EBITDA ratio of 5.9x, with total consolidated debt of $1.6 billion [22]. - The weighted-average interest rate on total consolidated debt was 3.68$0.01 to $0.05 per diluted share, and Adjusted Company FFO is expected to be between$0.61 and $0.65 per diluted share [23].