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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.
Lexington Realty
Lexington Realty
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.