LXP Industrial Trust (NYSE: LXP) recently released its 10-Q report, providing insights into the company's financial performance and operations. LXP is a publicly traded real estate investment trust (REIT) focused on single-tenant industrial real estate investments across the United States. The company seeks to expand its industrial portfolio through various transactions, including acquisitions, build-to-suit projects, and development ventures.
In its 10-Q report, LXP Industrial Trust emphasized its equity ownership interests in approximately 118 consolidated properties, spread across 17 states and comprising approximately 58.2 million square feet of space. Of this, around 93.2% was leased as of September 30, 2024. The company's portfolio primarily consists of Class A real estate investments in target markets within the Sunbelt and Midwest regions. LXP aims to grow in these markets by executing its development pipeline and opportunistically acquiring facilities.
During the three months ended September 30, 2024, LXP engaged in several significant transactions, including leasing activities, investments, debt agreements, and capital recycling. Notably, the company entered into new leases and lease extensions, leased and placed into service a speculative development facility in Columbus, Ohio, and made investments in development activities and a value-add opportunity at the Orlando, Florida asset. Additionally, LXP disposed of its interest in a facility for a gross sale price of $28.6 million in a non-target market.
The 10-Q report also delved into the company's liquidity and capital resources. LXP expressed confidence in its ability to fund operating and administrative expenses, debt service obligations, and dividend payments from cash flows generated by its operations. However, the report acknowledged that cash flow from operations could be negatively impacted by tenant defaults in the near term. The company highlighted its cash position, borrowing capacity under its unsecured credit facility, and other available alternatives as potential sources of capital.
Furthermore, the report provided insights into LXP's cash flows from operations, financing activities, and investing activities during the nine months ended September 30, 2024. It also discussed the company's at-the-market offering program, share repurchase program, dividends, and outstanding senior notes and unsecured credit agreement.
Following these announcements, the company's shares moved 4.6%, and are now trading at a price of $9.72. For more information, read the company's full 10-Q submission here.
