LXP Industrial Trust reported a first-quarter 2026 net loss attributable to common shareholders of $1.9 million, or $0.03 per diluted share, versus net income of $17.3 million, or $0.30 per diluted share, a year earlier.
Gross revenues fell to $85.9 million from $88.9 million in the same quarter of 2025, a decline of $3.0 million, or 3.4%, which the company said was mainly driven by property dispositions.
Adjusted company funds from operations came in at $47.3 million, up from $46.4 million a year earlier. On a per-share basis, adjusted company FFO rose to $0.80 from $0.78, a 2.6% increase.
Same-store net operating income increased 2.0% from the prior-year quarter.
Leasing activity was a key driver in the period. LXP completed 0.7 million square feet of new leases and lease extensions during the quarter, lifting base rents 34.1% and cash base rents 24.3%. Including subsequent activity after quarter-end, the company completed 1.4 million square feet of new leases and lease extensions, with cash base rents up 23.4%, bringing year-to-date cash base rent spreads to 16.3%.
During the quarter, LXP executed 1.8 million square feet of new and extended second-generation leases. Base rents on those leases rose 19.1%, while cash base rents increased 11.9%.
The biggest lease action was at the 1.1 million-square-foot Greenville/Spartanburg facility, where LXP extended the lease for four additional years through 2031. The company also signed an 85,232-square-foot new lease in Whitestown, Indiana.
As of March 31, 2026, LXP’s stabilized portfolio was 96.6% leased.
LXP ended the quarter with $130.1 million in cash and cash equivalents and $1.3 billion in total consolidated debt. Net debt to annualized adjusted EBITDA was 5.1x. The debt carried a weighted-average maturity of 4.7 years and a weighted-average interest rate of 3.6%.
The company repurchased and retired about 325,000 common shares in the quarter at an average price of $48.70. Since December 2025, it has repurchased and retired about 406,200 shares at an average price of $48.77.
On the capital structure side, LXP extended maturities and lowered pricing on its $600 million unsecured revolving credit facility and $250 million term loan.
In development, LXP started a 1.2 million-square-foot speculative project in Phoenix, Arizona. It also had redevelopment projects underway in Orlando and Richmond, and land held for industrial development in Phoenix, Indianapolis, Atlanta, and Columbus. Today the company's shares have moved 0.42% to a price of $50.72. If you want to know more, read the company's complete 8-K report here.
