LXP Industrial Trust posts Q1 net loss of $1.9M; same-store NOI up 6.5%

LXP Industrial Trust

2024-Q1 EPS reported -$0.01 revenue$86,251,000

Net loss attributable to common shareholders of $(1.9M) ($0.01/diluted share) vs net income $9.5M in Q1 2023.
Adjusted Company FFO of $48.8M ($0.16/diluted share) vs $50.3M ($0.17) in Q1 2023.
Industrial same-store NOI increased 6.5% YoY; subsequent lease extensions raised Cash Base Rents ~26.9%.
Acquired 59.1-acre land parcel for $3.4M and commenced 625,200 sq ft build-to-suit with 12-year lease.
Full-year 2024 guidance: net income $0.08-$0.12 per share; Adjusted Company FFO affirmed $0.61-$0.65 per share.

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