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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).
Lexington Realty
Lexington Realty
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.