LXP Industrial Trust Provides Operating and Capital Activity Update at Jefferies Real Estate Conference

LXP Industrial Trust (NYSE: LXP) revealed its operational and financial activities during its participation in the Jefferies Real Estate Conference held in Miami on December 10-11, 2024.

During the fourth quarter of 2024, LXP completed new leases and lease extensions covering approximately 0.5 million square feet. This initiative led to a 28.9% increase in Cash Base Rents, as defined in the company’s previous Form 8-K filing on November 6, 2024. Year-to-date leasing efforts have spanned about 4.0 million square feet, resulting in a 37.6% uptick in Cash Base Rents (excluding tenant improvement reimbursements in one lease) on second-generation leases.

Regarding development leasing, LXP and a potential full-building tenant disrupted discussions concerning a lease for LXP’s 1.1 million square foot Ocala, Florida property. Despite this pause, LXP continues to concentrate on leasing activities for this facility and the additional square footage within its development portfolio.

In November, following third-quarter earnings, LXP acquired a property in Houston and two properties in Atlanta for an aggregate purchase price of around $124 million. Simultaneously, LXP also procured a property in Savannah for an estimated $34 million.

Furthermore, the lessee for the land leased by LXP in Phoenix, Arizona concluded the property’s acquisition under its purchase option in December for an amount nearing $87 million.

Joseph S. Bonventre, the Secretary of LXP Industrial Trust, confirmed the submission of this report in compliance with the Securities Exchange Act of 1934, as amended, on behalf of the company on December 9, 2024.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read LXP Industrial Trust’s 8K filing here.

LXP Industrial Trust Company Profile

LXP Industrial Trust (NYSE: LXP) is a publicly traded real estate investment trust (REIT) focused on single-tenant industrial real estate investments across the United States. LXP seeks to expand its industrial portfolio through acquisitions, build-to-suit transactions, sale-leaseback transactions, development projects and other transactions.