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Dec 31, 2023
Lexington Realty Q4 2023 Earnings Report
LXP Industrial Trust reported results for the fourth quarter and year ended December 31, 2023.
Key Takeaways
LXP Industrial Trust reported a net income attributable to common shareholders of $13.0 million, or $0.04 per diluted common share, and Adjusted Company FFO of $51.4 million, or $0.17 per diluted common share, for the fourth quarter of 2023. The company completed 2.2 million square feet of new leases and lease extensions, increasing Industrial Same-Store NOI by 4.1%.
Net Income attributable to common shareholders was $13.0 million, or $0.04 per diluted common share.
Adjusted Company FFO was $51.4 million, or $0.17 per diluted common share.
Industrial Same-Store NOI increased 4.1% in 2023 compared to the same period in 2022.
Completed 2.2 million square feet of new leases and lease extensions, raising Industrial Base and Cash Base Rents by 39.4% and 28.4%, respectively (56.1% and 40.6%, respectively excluding fixed-rate renewals).
Forward Guidance
LXP estimates that its net income attributable to common shareholders for the year ended December 31, 2024 will be within an expected range of $(0.02) to $0.02 per diluted common share and Adjusted Company FFO for the year ended December 31, 2024, will be within an expected range of $0.61 to $0.65 per diluted common share.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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