The increase is primarily attributable to acquisitions and a $10.8 million increase in termination income, partially offset by property sales and a decrease in fee income. This press release shall not constitute an offer to sell or the solicitation of an offer to buy securities, nor shall there be any sale of these securities in any state in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state. We are excited about our continued growth plan of developing and purchasing high-quality warehouse/distribution assets, along with disciplined capital recycling, and we expect to drive significant upside for our shareholders. NEW YORK (MarketWatch) — Vornado Realty Trust said Tuesday that it will buy 8 million common shares of Lexington Realty Trust for $5.60 a share. The company said the shares were previously held by an affiliate of Apollo… The design elements of the logo are carefully chosen to create a sense of balance and symmetry.
LXP continues to strengthen its Board composition and governance, with a focus on creating a diverse and experienced Board and tailoring LXP’s Board and governance to align with the Company’s strategic plan. We have a track record of refreshing our Board with diverse candidates who bring the right skills and experience for our Company. Since September 2015, we have added five new independent trustees with expertise in equity REIT investing and analysis, real estate finance and investing, capital markets, investor relations, public accounting, real estate tax law, and public company governance. We have significantly increased the Board’s diversity, adding three female trustees in that time, including the addition of Nancy Elizabeth Noe, a corporate governance expert, in May 2021. LXP’s ISS Governance Quality Score is a 1, the highest possible, and LXP’s average independent trustee tenure of 5.7 years as of June 30, 2021 is well below the S&P average of 7.9 yearsvii.
The symbol of Lexington Realty Trust is an excellent example of how a well-designed symbol can help a company establish a strong brand identity and create a lasting impression on customers’ minds. The symbol of Lexington Realty Trust comprises a stylized letter “L” in blue and white. The blue color represents trust, confidence, and stability, while the white color represents purity and clarity.
Accordingly, there is no assurance that our expectations will be realized. Lexington presents FFO available to common shareholders and unitholders – basic and also presents FFO available to all equityholders and unitholders – diluted on a company-wide basis as if all securities that are convertible, at the holder’s option, into Lexington’s common shares, are converted at the beginning of the period. Lexington also presents https://bigbostrade.com/ Adjusted Company FFO available to all equityholders and unitholders – diluted which adjusts FFO available to all equityholders and unitholders – diluted for certain items which we believe are not indicative of the operating results of Lexington’s real estate portfolio. Lexington believes this is an appropriate presentation as it is frequently requested by security analysts, investors and other interested parties.
- The symbol of Lexington Realty Trust comprises a stylized letter “L” in blue and white.
- By year-end 2022, we expect to complete the full transition of LXP’s portfolio to 100% industrial assets.
- During the first quarter of 2021, Lexington increased its availability under its ATM program to $350.0 million and entered into forward sales contracts for an aggregate of 3.6 million common shares that have not yet been settled.
- All interests in properties and loans are held, and all property operating activities are conducted, through special purpose entities, which are separate and distinct legal entities that maintain separate books and records, but in some instances are consolidated for financial statement purposes and/or disregarded for income tax purposes.
Our focus is on single-tenant industrial assets in targeted markets, which differentiates us from predominantly multi-tenant industrial REITs. In the early 2000s, the logo underwent a significant redesign, with a simplified design that reflected the company’s focus on single-tenant properties. The building became the central element of the logo, with the company’s name written in bold letters underneath it. The font used for the name was also changed to a more modern and professional style, reflecting the company’s commitment to innovation and excellence. Lexington intends to use the net proceeds from the offering for working capital and general corporate purposes, including acquisitions it may identify in the future. Pending the application of such net proceeds, Lexington may use such net proceeds to pay down all or a portion of the outstanding balance under its revolving credit facility.
Prices and returns on equities are listed without consideration of fees, commissions, taxes, penalties, or interest payable due to purchasing, holding, or selling. The table sectors that benefit from rising interest rates displays the monthly dividend distributions for Lexington Realty Trust. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
Why Prologis Can Handle an Industrial REIT Downturn
We remain proactive in our portfolio management and seek opportunities to extend leases or re-lease to new tenants, as we recently did with a 2023 lease expiration, in which we replaced a move-out risk with a new 10.5 year lease term, growing the Base and Cash Base rent by approximately 32% and 27%, respectively. As of June 30, 2021, our industrial portfolio had a weighted average lease term of approximately seven years and was 51% leased by investment grade tenants. By year-end 2022, we expect to complete the full transition of LXP’s portfolio to 100% industrial assets. This will allow LXP to fully capitalize on increased demand for logistics-focused real estate.
Since others do not calculate these measures in a similar fashion, these measures may not be comparable to similarly titled measures as reported by others. These measures should not be considered as an alternative to net income as an indicator of Lexington’s operating performance or as an alternative to cash flow as a measure of liquidity. LXP’s new name and logo reflect its focus on industrial real estate investments as the Company completes its transition from a diversified net-lease REIT into a primarily single-tenant industrial REIT focused on high-quality warehouse and distribution assets in key U.S. logistics markets. These factors include, but are not limited to, those factors and risks detailed in Lexington’s periodic filings with the Securities and Exchange Commission. Except as required by law, Lexington undertakes no obligation to publicly release the results of any revisions to those forward-looking statements which may be made to reflect events or circumstances after the occurrence of unanticipated events. These factors include, but are not limited to, those factors and risks detailed in Lexington’s periodic filings with the SEC.
LXP Industrial Trust is a real estate investment trust, which engages in financing, acquisition, and ownership of portfolio of single-tenant commercial properties. Robert Roskind in October 1993 and is headquartered in New York, NY. The Lexington Realty Trust symbol is a simple yet powerful design that represents the company’s values and mission. The symbol consists of a stylized image of a building with the company’s name written in bold letters underneath it.
The design of the symbol is simple yet modern, reflecting the company’s commitment to innovation and excellence. Additionally, Lexington is increasing the low end of its Adjusted Company FFO guidance range for the year ended December 31, 2021 by a penny, to a revised range of $0.73 to $0.76 per diluted common share. This guidance is forward looking, excludes the impact of certain items and is based on current expectations. Lexington now estimates that its net income attributable to common shareholders for the year ended December 31, 2021 will be within an expected range of $0.74 to $0.77 per diluted common share. For the quarter ended March 31, 2021, total gross revenues were $92.6 million, compared with total gross revenues of $80.8 million for the quarter ended March 31, 2020.
LXP Industrial Trust upgraded to overweight from sector weight at KeyBanc Capital
The issuance of the additional 2,250,000 common shares closed on June 3, 2020. The full exercise of the option to purchase the additional shares brings the total number of shares sold in the offering to 17,250,000. Aggregate net proceeds to Lexington from the offering, after deducting offering expenses, were approximately $164.3 million. Forward-Looking Statements This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended.
Morgan maintained a Hold rating on LXP Industrial Trust (LXP – Research Report), with a price target of $11.00. They can evoke emotions, create associations, and establish a connection with customers. The above properties were acquired/completed at aggregate weighted-average GAAP and Cash estimated stabilized capitalization rates of 6.1% and 5.9%, respectively. As always, we will keep you informed of our progress and look forward to our continuing dialogue with shareholders. For more information and updates, please visit our website at and follow us on social media.
We believe our portfolio is well-positioned to continue driving substantial, sustained value creation. We are able to capitalize on exceptionally strong demand for well-located industrial warehouse and distribution facilities and command strong re-leasing rates. Most recently, in the second quarter of 2021, we increased industrial Base and Cash Base rents by 13% and 7%, respectively, as part of four lease extensions.
Preview: Lexington Realty’s Earnings
The offering is subject to the satisfaction of customary closing conditions and is expected to close on August 30, 2021. We are excited to provide an update on our progress on ESG initiatives in the near future as ESG continues to be a top objective for our Board and management. The information contained herein does not constitute investment advice and made available for educational purposes only.
All market data (will open in new tab) is provided by Barchart Solutions. Prior tenant terminated its lease for 500,500 square feet prior to its lease expiration date of March 2026. Lexington entered into a direct lease with the subtenant for a portion of the vacancy. Morgan Stanley and BofA Securities acted as underwriters for the offering.
As of December 31, 2012, the Company had interests in approximately 220 consolidated office, industrial and retail properties containing approximately 41.2 million square feet of rentable space, which were approximately 97.3% leased. In October 2013, Lexington Realty Trust acquired a portfolio of three parcels of land in New York. LXP has a strong management team, as demonstrated by its track record in executing the transformation and delivering sector-leading results.
For exchange delays and terms of use, please read disclaimer (will open in new tab). For the quarter ended March 31, 2021, Lexington generated Adjusted Company FFO of $63.7 million, or $0.22 per diluted share, compared to Adjusted Company FFO for the quarter ended March 31, 2020 of $49.3 million, or $0.19 per diluted share. J.P. Morgan Securities LLC, Wells Fargo Securities, LLC, BofA Securities, Inc., KeyBanc Capital Markets Inc., PNC Capital Markets LLC, Regions Securities LLC, TD Securities (USA) LLC and U.S. Bancorp Investments, Inc. are acting as joint book-running managers of the offering and Mizuho Securities USA LLC, Stifel, Nicolaus & Company, Incorporated, Truist Securities, Inc., FHN Financial Securities Corp. and Samuel A. Ramirez & Company, Inc. are acting as co-managers of the offering.
LXP Industrial Trust (LXP)
The building in the symbol is designed to be a simple and recognizable shape, with clean lines and minimalistic details. The font used for the company’s name is bold and easy to read, with a modern and professional feel. Discover the significance of the symbol of Lexington Realty Trust and its role in the company’s branding strategy. Lexington has used non-GAAP financial measures as defined by the Securities and Exchange Commission Regulation G in this Quarterly Earnings Release and in other public disclosures.
The company’s logo is an essential component of its branding strategy, representing its values and mission. In 2016, the logo underwent another minor change, with the font of the company’s name being slightly modified to create a more cohesive and balanced design. The changes to the logo over the years reflect the company’s commitment to staying relevant and up-to-date, while still maintaining its core values and mission. The Lexington Realty Trust logo is a symbol of the company’s strength, reliability, and commitment to excellence in the real estate industry. We have substantially completed LXP’s transformation to a single-tenant industrial REIT, while driving strong leasing results and maintaining balance sheet and financial flexibility.
We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. Forward-looking statements, which are based on certain assumptions and describe our future plans, strategies and expectations, are generally identifiable by use of the words “believes,” “expects,” “intends,” “anticipates,” “estimates,” “projects,” “may,” “plans,” “predicts,” “will,” “will likely result” or similar expressions. Readers should not rely on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could materially affect actual results, performances or achievements.
You may be aware that as of June 30, 2021, Land & Buildings (“L&B”) disclosed a 0.7% ownership position in LXP. Members of the LXP Board and management team have each recently met with representatives of L&B. As we do with all shareholder feedback, we will carefully consider and evaluate L&B’s suggestions, along with any potential trustee candidates.
Rest assured that we will remain sharply focused on completing the successful transformation of LXP, building upon our progress, capitalizing on momentum in the industrial real estate market and delivering the best possible results for shareholders. Lexington Realty Trust is a real estate investment trust (REIT) that specializes in the acquisition, development, and management of single-tenant real estate properties. The company’s portfolio comprises over 200 properties, with a total of approximately 43 million square feet of space. In the real estate industry, symbols play a crucial role in establishing a brand’s identity and creating a sense of trust and reliability. A well-designed symbol can help a real estate company stand out in a crowded market and communicate its values and mission in a compelling way.
A symbol that reflects a company’s commitment to quality, innovation, and customer service can help build a strong brand that resonates with customers and creates long-term loyalty. As a result of undertaking a transition to industrial, there have been short-term costs, in particular to our earnings and Funds from Operations (FFO) growth, which have been impacted by the sale of non-core assets at higher capitalization rates and the redeployment of proceeds into higher-quality, higher-growth industrial properties. Recent performance has proven that LXP’s leadership made the right call to deliver long-term growth and superior returns for shareholders, despite short-term dilution. LXP now has a more valuable portfolio, exciting growth prospects, a stronger balance sheet, and a more diverse and experienced Board. Shares of LXP Industrial Trust dropped 6.6% in premarket trading Friday, after the real estate investment trust, focused on single-tenant warehouse and distribution investments, said it has decided to suspend its evaluati… The reconciling items include amounts to adjust earnings from consolidated partially-owned entities and equity in earnings of unconsolidated affiliates to FFO.” FFO does not represent cash generated from operating activities in accordance with GAAP and is not indicative of cash available to fund cash needs.
The Sharpe ratio shows whether the portfolio’s excess returns are due to smart investment decisions or a result of taking a higher risk. The higher a portfolio’s Sharpe ratio, the better its risk-adjusted performance. The chart shows the growth of an initial investment of $10,000 in Lexington Realty Trust, comparing it to the performance of the S&P 500 index or another benchmark. Information is provided ‘as is’ and solely for informational purposes, not for trading purposes or advice.