Business UpdateJun 1, 2026, 04:59 PM
LXP Industrial Trust Increases 2026 FFO Guidance; Acquires Phoenix Site
AI Summary
LXP Industrial Trust announced a business update, including strong leasing activity and a significant acquisition. The company executed 2.7 million square feet of leases in the second quarter to date, achieving a 22% average cash base rental increase on second-generation leases. LXP also acquired a 37-acre industrial redevelopment site in Phoenix for $103 million, which is currently triple net leased. In conjunction with these updates, LXP raised its 2026 Adjusted Company FFO guidance to a range of $3.30 to $3.40 per diluted common share.
Key Highlights
- LXP executed 2.7 million sq ft of new/renewal leases in Q2 to date, with average cash base rent increase of 22% on second-generation leases.
- Acquired a 37-acre infill industrial redevelopment site in Phoenix for $103 million, 100% triple net leased through March 2031.
- Increased 2026 Adjusted Company FFO guidance to $3.30-$3.40 per diluted common share, up from $3.22-$3.37.
- 2026 Net income guidance revised to $2.38-$2.48 per diluted common share.
- Acquisition of Phoenix site is expected to yield 15.7% cash yield and will be funded by 1031 exchange proceeds.
- Total leasing volume for the year reached 4.6 million sq ft.
- Plans to redevelop the acquired Phoenix site into 400,000-450,000 sq ft of industrial facilities upon lease expiration.
Price Impact
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