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Dec 31, 2024
Lexington Realty Q4 2024 Earnings Report
LXP Industrial Trust reported results for the quarter and year ended December 31, 2024.
Key Takeaways
LXP Industrial Trust reported a strong fourth quarter in 2024, driven by excellent leasing outcomes and solid same-store growth. The company completed 4.5 million square feet of leasing throughout the year, increasing Base and Cash Base rents, and generated attractive same-store NOI growth. They also acquired four Class A properties and substantially completed a 625,000 square foot build-to-suit, further increasing Sunbelt market exposure.
Recorded Net Income attributable to common shareholders of $31.4 million, or $0.11 per diluted common share.
Generated Adjusted Company Funds From Operations available to all equityholders - diluted (“Adjusted Company FFO”) of $47.0 million, or $0.16 per diluted common share.
Increased Same-Store NOI 4.1% compared to the same period in 2023.
Completed 1.0 million square feet of new leases and lease extensions, raising Base and Cash Base Rents by 66.3% and 42.6%, respectively, excluding a fixed-rate renewal.
Forward Guidance
LXP estimates its net income attributable to common shareholders for the year ended December 31, 2025, will be within an expected range of $0.01 to $0.05 per diluted common share. LXP estimates that its Adjusted Company FFO for the year ended December 31, 2025, 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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