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Jun 30, 2024
Lexington Realty Q2 2024 Earnings Report
LXP Industrial Trust's financial performance was marked by net income, adjusted company FFO, and same-store NOI growth, along with strategic portfolio adjustments.
Key Takeaways
LXP Industrial Trust reported a net income attributable to common shareholders of $3.8 million, or $0.01 per diluted share, and an Adjusted Company FFO of $46.9 million, or $0.16 per diluted share, for the second quarter of 2024. The company also saw a 5.0% increase in Same-Store NOI and completed the sale of its remaining two consolidated office assets, transitioning to a 100% industrial portfolio.
Net Income attributable to common shareholders was $3.8 million, or $0.01 per diluted common share.
Adjusted Company FFO was $46.9 million, or $0.16 per diluted common share.
Same-Store NOI increased by 5.0% compared to the same period in 2023.
Completed new leases and lease extensions totaling 2.7 million square feet.
Forward Guidance
LXP Industrial Trust estimates its net income attributable to common shareholders for the year ended December 31, 2024, to be within a range of $0.10 to $0.13 per diluted common share and adjusted company FFO to be within a range of $0.62 and $0.65 per diluted common share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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