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Mar 31, 2022
Lexington Realty Q1 2022 Earnings Report
Announced first quarter 2022 results, marked by a decrease in total gross revenues primarily due to termination fee income and property sales, alongside a decrease in net income attributable to common shareholders and Adjusted Company FFO.
Key Takeaways
LXP Industrial Trust reported its first quarter 2022 results, featuring a decrease in total gross revenues to $80.3 million compared to $92.6 million in the same quarter of the previous year. Net income attributable to common shareholders decreased to $9.0 million, or $0.03 per diluted share, from $39.4 million, or $0.14 per diluted share, year-over-year. The Adjusted Company FFO also decreased to $48.1 million, or $0.16 per diluted share, compared to $63.7 million, or $0.22 per diluted share, in the prior year.
Industrial same store NOI growth of 5.1%.
Completed 2.3 million square feet of new leases and lease extensions.
Increased Base and Cash Base rents 28% and 18% respectively, on average.
Negotiated average annual escalations of 3.3%.
Forward Guidance
LXP estimates net income attributable to common shareholders for the year ended December 31, 2022, to be within a range of $0.43 to $0.47 per diluted common share and reaffirms Adjusted Company FFO for the same period to be within a range of $0.64 and $0.68 per diluted common share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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